National economy minister reports on economic situation for 6 months

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ASTANA. KAZINFORM The Minister of National Economy of the Republic of Kazakhstan, Timur Suleimenov, has reported on the economic development of the country following the first half-year results, Kazinform correspondent reports.

According to him, there is a positive impact of the external factors on the economy of Kazakhstan and the gradual stabilization of internal parameters for the development of our economy.

"In June this year, the GDP has grown by 4.2 percent. The positive contribution to the economy was made by production of goods (2.6pct), the service sector (1.3pct) and taxes on products (0.3pct). The main drivers for the sectors were the manufacturing industry, construction, agriculture, transport, warehousing and trade. These industries ensured the 5.8pct growth of the short-term economic indicator. Due to the increase in output in the strategic sectors and the manufacturing industry, there is 7.8pct increase, whereas the same period last year was marked by 1.6pct decline," the minister said.

"Fast growth in the mining industry resulted in 9.4 percent increase," the minister continued, "Production of oil has increased by 9.7pct, iron ore - by 8pct, coal - by 16.5 percent. There is also 6.5pct increase in the manufacturing industry, while this industry is experiencing a positive trend in the intermediate and final demand sectors. The growth in the metallurgical industry equaled to 7.9pct, consumer goods industry - 17.4pct, chemical one - 1.1pct and food production - 7.5 percent.".

According to Suleimenov, increase in output is also observed in the machine-building sector, as it was 3.8pct. The Minister noted that by the end of the year, the amount of the fixed investment has increased by 3.67 percent and exceeded KZT3.2 trillion.

"We analyzed the addition to the standard statistics, which gives us the data without sources of funding. We have 'cleared' the investments that are realized in this or that industry from those funds that go through the republican budget or the National Fund. As a result, we see the picture remains almost the same," he said.

The minister recommended to make some adjustments in the reports of the regional governors. "On a systematic basis, we need an addition to the standard index of investments in fixed assets, i.e. to additionally invest in those sectors to which the governors of the regions directly influence - the manufacturing industry and small and medium-sized enterprises. Because, when a state program is implemented by support from the central budget, the akims affect it in quite a roundabout way. Therefore, as a good measure for monitoring, we recommend to include the slides on the 'cleaned' investments in fixed assets," Suleimenov said.

 

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